Excel Industries shares surge 16% as board of directors approve buyback

New Delhi: Shares of Excel Industries surged 16 percent on Tuesday after the company said its Board of Directors has approved buyback of equity shares at a price not exceeding Rs 275 apiece for a maximum amount of Rs 18 crore.

At 1234 hours the company's shares on BSE were trading up 15.31 percent or Rs 30.80 at Rs 232 per piece.

While on NSE the shares were up 15.52 percent or Rs 31.20 at Rs 232.20 per piece.

The script earlier in the day gained 16 percent to Rs 233.40 on BSE.

On NSE, the shares of the company jumped 16.06 percent to Rs 233.30.

The Board of Directors has approved the buy-back of its equity shares of face value of Rs 5 each at a price not exceeding Rs 275 per equity share for a maximum amount of Rs 18 crore, the company said in a BSE filing.

The buyback is subject to maximum of 11,50,000 equity shares from the existing equity shareholders/ beneficial owners, other than the promoters/persons who are in control of the company.

Excel Industries is engaged in the manufacture of a range of speciality and performance chemicals.